Consumer confidence unexpectedly drops

The University of Michigan's final reading for consumer
confidence in the month of August came in at 89.8,
lower than economist's expectations of 90.5.

The number is also lower than the preliminary number of 90.4
from August 12.

This is a decline than the index's reading of 90 from
July.

According to Richard Curtin, chief economist of the survey, the
decline mostly came from young people worried about their
personal finances.

"Less favorable personal financial prospects were largely
offset by a slight improvement in the outlook for the overall
economy," said Curtin in the release. "Most of the weakness in
personal finances was among younger households who cited higher
expenses than anticipated as well as slightly smaller expected
income gains."